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Taxes and Tax Rebates
You can prepare and file your return online in just a few easy steps using Complete Tax.
Tax Rebate Information
One portion of The Economic Stimulus Plan recently passed by Congress is a tax rebate to taxpayers. You may recall that we had a similar rebate a few years ago.
President Bush and Congress want to stimulate the economy. One way to do that is to put money in the hands of consumers who may be feeling limited in their finances due to higher costs of just about everything.
You can get your rebate check faster if you file your tax return as soon as possible. The IRS has very detailed and easy to read instructions on their website. Below are some of the most common questions and the answers provided by the IRS on their website.
One caution that warrants a reminder - Know that the IRS will not be calling you by phone and asking for any information in order to get you your check. If you get a phone call, email or other request for information, you should not provide it. If you receive an email, you can forward that email to phishing@irs.gov . This will help the IRS respond to potential fraudulent scams. Free help is available from the IRS.
AARP offers the Tax-Aide counseling program at more than 7,000
sites nationwide during the filing season. To find an AARP Tax Aide
site call 1-888-227-7669 or visit the AARP Web site.
Getting your rebate check:
- How do I get my rebate check?
By filing your 2007 tax return.
In order to get your rebate check, you must file your 2007 tax return. If your tax return is processed by April 15th, 2008, you could be among the first taxpayers to get your rebate check when they begin mailing out in May. - What happens if I need to file an extension?
File by October 15th, 2008 and checks will be processed through December 31, 2008
For those who file an extension, tax returns are due by October 15, 2008. Remember that the extension is for time to file the paperwork of your tax return and not an extension of time to pay your taxes. - How much will my rebate be?
Between $300 and $600 dollars per taxpayer and an additional $300 for qualified dependents
The IRS provides a rebate estimate calculator on their website at www.irs.gov. You must have qualifying earned income in order to get a rebate. Based on that earned income, your rebate will be between $300 and $600 dollars. If you have dependent children, you may qualify for an additional $300 dollars for each qualified dependent. If you child qualifies for the child care credit, they most likely will qualify you for the additional rebate amount. - What if I don't have to file a 2007 tax return? Can I qualify for the rebate?
Maybe. Some taxpayers who have over $3000 of earned income but do not have to file a tax return because they do not owe any taxes, may file a return for 2007 just to qualify for the rebate.
The IRS has specific instructions for taxpayers in this category. If you go to the IRS website at www.irs.gov you will find information for those who may qualify and specific instructions on what to do. Earnings from Social Security and other retirement plans are usually considered earned income and will qualify you for the rebate. Most will simply need to file a tax return, even though they are not required to because they do not owe any taxes. On this return, the IRS instructs to write "Stimulus Plan" on the top of the tax return. This will help them process the return without wondering why you are filing a return that is not required. Again, specific instructions are provided on the front of the IRS website at www.irs.gov . - How will I get paid?
By check or by automatic direct deposit.
On your 2007 tax return, there is a place to provide bank information for direct deposit of your tax refund. Even if you owe taxes on your tax return, you can fill in this direct deposit information. If this direct deposit information is provided, then you will receive your rebate check by direct deposit to your account.